In recent days, the news about Tesla‘s large-scale recall and the use of Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) expansion valve has become rampant, pushing the heat management leader to the forefront of public opinion.
According to the recall announcement issued by the state market supervision administration of China, the heat pump electronic expansion valve of some vehicles within the recall range will move slightly during positioning. Because the software (version 2021.44 to 2021.44.30.6) has no correction function, it may cause partial opening of the valve, stop the work of the heat pump compressor and failure of the heating function in the vehicle for a long time. Under the above conditions, especially when the temperature outside the vehicle is lower than minus 10 ℃, the operation of the windshield defrosting system can not reach the defrosting effect specified in relevant national regulations, and the decline of defrosting function has an adverse impact on the driver’s field of vision, which increases the possibility of collision risk when the vehicle is driving in cold weather, and there are potential safety hazards.
On February 20, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) disclosed and clarified that up to now, the company has not received any quality complaints from Tesla about the electronic expansion valve itself related to the problem, and the recall has nothing to do with the electronic expansion valve provided by the company. The announcement shows that it is confirmed that the problem is caused by the interruption of controller communication. When the operation software of heat pump model (version 2021.44 to 2021.44.30.6) is interrupted by controller communication, the vehicle software cannot close the electronic expansion valve. In other words, the problem vehicle recall is the “pot” of software.
The reporter asked Tesla to verify the content, and the other party said: “we have no information confirmation in this regard for the time being.”
For the rumors about the recall incident, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) stock bar also fried the pot. In order to clarify itself as soon as possible, on the evening of February 19, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) responded to the media’s “estrangement” from Tesla, saying that “relevant online reports are untrue, and the company has never publicly claimed that it is a supplier of Tesla. This matter must have nothing to do with us. We have a confidentiality agreement with our customers, and even if there is one, it will not be made public.”
However, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) may have forgotten that the Internet “has memory” for the statement that “I have never publicly claimed that I am a supplier of Tesla”.
Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) has been with Tesla for a long time. The reporter’s query on the panorama investor relations interactive platform shows that as early as April 2017, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) has mentioned that Tesla is the customer of the company’s asset “Sanhua auto zero”; Tesla energy has signed a supporting product contract with Tesla energy in September 2017, and has replied to many new products since September 2017; The company also publicly announced that “it will supply goods synchronously with the increase of Tesla’s output” and “the large volume of model 3 will improve the company’s performance”.
In 2019, the announcement of Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) began to avoid Tesla and said that it had put forward strict requirements for information confidentiality with some specific customers.
The performance soared all the way and caught the express train of “Tesla concept stock”. From January 3, 2017 to December 30, 2021, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) share price continued to rise, with an increase of 353.70%. Just before the Spring Festival of the year of the tiger, the company was suddenly smashed by funds. On January 20, 2022, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) share price fell sharply. In the six trading days from January 20 to January 27, the share price fell by 22.3%, and the closing price on February 18 has fallen to the level of about June 2020.
The continuous decline in share prices has brought not only “Sadness” to investors, but also heavy losses to the repurchase of listed companies. According to the previous announcement, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) is in the process of share repurchase. As of December 31, 2021, the company has repurchased 8.2938 million shares at a price of 22.55 yuan / share – 27.31 yuan / share, at a cost of more than 200 million yuan. According to the closing price of 19.23 yuan / share on February 18, the loss is more than 40 million yuan.
In an interview with reporters, an industry analyst said that Sanhua’s refrigeration business is in a leading position in China and has a stable market share. However, due to the weak consumption in the home appliance market, the growth rate is expected to be limited. The focus still lies in the field of new energy vehicle thermal management. Many competitors are eyeing this high-quality track. However, at present, the company has seized the first opportunity, from technology Customers have advantages, and considering the intensification of competition, the price rise of raw materials and shipping costs and exchange rate fluctuations, profitability is likely to be affected.
Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) in a survey conducted by several institutions on February 15, it was mentioned that at present, the supply of products is in short supply, the production scheduling is busy, and the production line is normally tight. Due to the rapid growth of auto zero business, the company has been making the layout of relevant production capacity in advance. The main investment is: the construction of factories and production lines in Shaoxing Binhai, Mexico and Poland production bases. Others include production line automation, intellectualization, transformation of lean production and capacity upgrading.
